High risk warning: Foreign exchange trading carries a high level of risk that may not be suitable for all investors. Leverage creates additional risk and loss exposure. Before you decide to trade foreign exchange, carefully consider your investment objectives,...
Gold continues it’s surge with $2000 sniffed today
The price of gold last Friday moved up to test its 100/200-day moving average (blue and green lines on the chart below). Sellers leaned against those levels and the price on Monday/Tuesday tried to keep a lid at those moving averages.However, on Wednesday, the price...
Baker Hughes US oil rig count 502 vs 501 prior
High risk warning: Foreign exchange trading carries a high level of risk that may not be suitable for all investors. Leverage creates additional risk and loss exposure. Before you decide to trade foreign exchange, carefully consider your investment objectives,...
UAW Pres. to present plans to workers later today
UAW's Pres. Shawn Fain will present the latest to workers during a Zoom meeting at 4 PM ET. Earlier General Motors (GM) proposed an offer to the UAW union that would result in the majority of its workforce earning approximately $40.39 per hour, equating to around...
Feds Mester: Fed is at or near the peak of the rate hike cycle
Cleveland Fed Pres. Loretta Mester is speaking (voting member in 2024), and says:Fed is at or near peak of rate hike cycleReiterates outlook aligned with her fed forecasts eyeing one more hike.Fed rate decision will be driven by incoming economic data.If sustained,...
EURUSD stays above hourly moving averages today, but upside is limited.
The EURUSD did find support bars against its 200-hour moving average 1.05665 (green line on the chart below), and remained above its rising 100-hour moving average 1.05616 as well.. That's a short-term tilt to the upside.The not so hot news is that the high price...
European equity close: Terrible week for stocks
Today marked the fifth day in the past six of declines. The past three have been particularly bruising and we closed on the lows again today.Closing changes on the day:Stoxx 600 -1.3%German DAX -1.6%UK FTSE 100 -1.3%French CAC -1.4%Italy MIB -1.4%Spain IBEX -1.2%On...
AUDUSD moves down and up today. Buyers stall the fall near the week/month lows
The AUDUSD is in the midst of a down-and-up market today. The move to the downside did find support against the lows from yesterday near 0.62953 (and above the low from last week and 0.62858 too). The low price today reached 0.62967. The price rebound has moved up...
Nasdaq nears the September low as decline extends to 1.5%
Nasdaq Comp dailyThe Nasdaq continues to bleed lower and is now within striking distance of the September 27 intraday low of 12,963.The S&P 500 chart looks similar and the Russell 2000 has already broken down.Few investors are willing to step in until after we see...
House begins speaker vote again — Jordan won’t be speaker
The vote in the US House is underway and there are already three Republican votes against Jim Jordan and they're only in the "Bs" alphabetically.I'm not sure what was the point in voting again but he can only afford 4 against him and the likelihood is that this vote...
Broader US indices move to new session lows. NASDAQ index leads way. S&P near 200D MA
NASDAQ index runs away from its 100 hour moving averageThe broader NASDAQ and S&P index are moving to new session lows. Investors are still concerned about geopolitical risks out of Israel going into the weekend. In the US, the US House of Representatives...
US equitieds slump for the third day as selling accelerates
The US House is getting set to vote on a speaker once again but I can't see any reason why the result would change or why it would be a market moving.Beyond that, the market may be worried about weekend risk with Gaza and the broader Middle East. I would have thought...
USDCAD steps lower but finds support buyers at the 100 hour MA
The USDCAD has been stepping lower in trading today, but after reaching the 100 hour MA, there has been dip buyers against that technical target at 1.36718. Going forward, if the price can move below that level, it would open the downside. Conversely, for the dip...
BofA: Crowded USD longs signal caution; convergence with rate differentials underway
DXY dailySynopsis: BofA highlights a potential market saturation with USD long positions, as evidenced by the currency's understated response to positive US retail data amid a contrasting rate sell-off. The report suggests that the aggressive positioning in USD longs,...
USD/CAD Price Forecast: Bulls Lack Conviction Above the 1.3700 Handle
USD/CAD PRICE, CHARTS AND ANALYSIS:USDCAD is Intriguing at Present as the Loonie and USD Cancel Each Other Out Facilitating a Period of ConsolidationCanadian Retail Sales Stagnate Despite an Upward Revision to Last Months Print.The Drop in Canadian Inflation Data and...
US 10-year yields back away from 5%, threatening the US dollar
All eyes are on bonds today as US 10-year yields back away from 5%.They reached 4.995% early in US trading but couldn't break through and have been strongly bid since, driving yields to 4.91%.US 10y yields, 5 minsThe drop in yields runs right across the curve and...
Stock markets are mixed at the start of the last trading day of the week
Major US stock indices are mixed to lower with the broader S&P and NASDAQ index down. The Dow industrial averages trading above and below unchanged.Currently all 3 indices are trading modestly in the red:Dow industrial average is down -15.94 points or -0.05% at...
USDCHF finds a pause point at dual technical target
The USDCHF has found a stall point on the downside with a cluster of support defined by the:100 day moving average at 0.890050% midpoint of the move up from the July low at 0.88994Swing area going back to early September also near 0.8899When technical levels all line...
Kickstart your FX trading for October 20 with technical look at EURUSD, USDJPY and GBPUSD
In this morning video on October 20, 2023, I kickstart the Forex trading day with a technical look at the EURUSD, USDJPY and GBPUSD. What are the biases, the risks, the targets for those three major currency pairs?EURUSD: The EURUSD has moved down to test it 200...
Fed’s Harker: Now is the time to hold rates steady
High risk warning: Foreign exchange trading carries a high level of risk that may not be suitable for all investors. Leverage creates additional risk and loss exposure. Before you decide to trade foreign exchange, carefully consider your investment objectives,...